Greece, Ireland and Portugal have all teetered on the edge of bankruptcy. But anyone who thinks this is a new phenomenon is seriously mistaken.England was on the brink of insolvency in Victorian times. Austria was unable to pay its bills in 1811, and any number of countries were similarly threatened in the 1920s. And there’s a recent example in Argentina in 2002. Julia Henrichmann went to the Historical Museum to have a look at the history of state bankruptcies.
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My husband is a self-employed lobster fisherman, and last year he injured his back and was unable to work for 3 months. During that time, we fell behind on all our payments, and have spent an extremely stressful year trying to get caught up. Our current mortgage lender has demanded all back payments in cash before they will accept anymore payments from us. We could not come up with that amount, so we are now facing foreclosure on our house. I go to these websites of mortgage lenders that say they specialize in stopping foreclosure, but every time I talk with them on the phone, they tell me that they can’t help. Is there any company out there, or private lenders that will help on a refinance for a foreclosure … Read entire article »

The US Postal Service, facing insolvency unless it gets approval to delay a $5.5 billion payment for worker health benefits, will suspend contributions to an employee retirement account to save $800 million this year. The US Postal Service, facing insolvency without approval to delay a $5.5 billion payment for worker health benefits, will suspend contributions to an employee retirement account to save $800 million this year. The Postal Service will stop paying employer contributions to the defined-benefit Federal Employees Retirement System, which covers about 85 percent of career postal workers, it said today in an e-mailed statement. The $115 million payment, made every other week, will stop on June 24.
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We understandably received a 1099-A (Acquisition or Abandonment of Secured Property) from the Freddie Mac on behalf of our mortgage company. But, why did we receive a 1099-misc (miscellaneous Income) for “Non-employee compensation” from the law firm that handled it?
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Good friends of mine went into foreclosure do to the housing market in Central Valley California. They were not able to get their home refinanced because the home had loss value, due to this they were forced to go into foreclosure. Can they ever get back on track after going through this?
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